Managing payroll worldwide is a difficult task … Papaya Global Employee Circumstances…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s likewise considerable legal expenses there exists’s other charges there’s other costs behind that too so the total expense can be very considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is truly simply the rules are intricate and they’re changing all the time believe ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of uncertainty among business on what it truly suggests and how you deal with it most companies are simply not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a category perspective fine thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what results can this have on the worker Papaya Global 50 Opt-outs specifically when it comes to their own tax liabilities social security and benefits for example jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Employee Circumstances
Over the last 5 or 6 years …Papaya Global Employee Circumstances… roles on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely dreary and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to optimize working capital, and find how streamlining global payroll payments can change them from a burdensome job into a strategic possession.
due to different policies, compliance requirements, information security issues, and banking rules. The large number of workers and companies contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual processes, data silos, and a lack of integration, resulting in disparities and inadequacies. In spite of living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and solutions to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in global payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included right and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to type of progress with that it also too to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re simply looking to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost point of view from an impact viewpoint on staff members it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging result on people’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll solution for your staff members worldwide once again I believe is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of organizations and reducing the number of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of try to get back to everyone so carrying on look why do companies select to main different checking account there are Papaya Global Employee Circumstances organizations out there doing exactly this for specific countries and I’ve worked in a business or many services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think people have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but eventually people are really stuck with what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving numerous savings account but there’s a huge amount of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is big however I believe the sincere answer is change um people have not been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or two there is a lot to keep track of and this method does posture numerous difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Employee Circumstances
I discover time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous generally to the customer why you must be used or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions Etc so it’s a big impact that they never ever understood they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance against misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim assessed versus companies relates to to 40 or 50 percent of the base pay of employee exists any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK